Elliott Waves predict human market trading psychology.
Obviously, nobody is interested in bitcoin going down and expiring, bulls turn bears just to sell high then buy at a low price and drive it up again. It makes no psychological sense that bitcoin would be going down below 15k now - or if then only very briefly before shooting up again. It was nice to go down to 11 from 19 but right now ? I mean I don't care, I'm more of a day trader with every new day... but it's generally easier to trade an uptrending market, so everybody is interested in bitcoin moving steadily up so they can play their games.
Update - well once again, the weak hands have all decided to bugger off again, and so I hope bitcoin will fall to 4000 before more serious people come back from holiday ;)
I saw a transaction average of $1100 today, so this is what we have, millions of small investors who will run a the first flea bite. This means what with Wall Street joining in next yea, volatility will be INCREDIBLE, and losses of small investors magnificent, hodling through may become a dangerous tactic if not sustainable over at least 3 months or so, with the possibility of success reserved for those who can spend 18 hours online on a regular basis. I'm game.